Legal Question in Credit and Debt Law in Florida

Re: co-signing a loan

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

As a co-signor, your son is obligated for payment of the loan. He can then sue his (perhaps now former) friend for damages incurred.

Unfortunately, it is entirely possible that your son's credit history has been severely damaged as a result of this error in judgment. He might be able to explain this to possible creditors in the future, but it will be on his credit history and may effect his credit score. This matter clearly illustrates the dangers of co-signing a loan on behalf of another.

Scott R. Jay, Esq.